TendoPay, a digital installment plan solution, announced it will be making its installment plans available to merchants selling through Shopify, a leading global commerce company.
Shopify helps aspiring entrepreneurs go from just an idea to thriving, fully-scalable businesses. The company provides merchants with all the tools they need to start, manage, and grow their businesses. It powers over one million businesses in more than 175 countries around the world, including Allbirds, Gymshark, PepsiCo, and Staples.
TendoPay offers a digital installment plan solution that gives its customers in the Philippines the convenience to buy now and pay later for their online purchases in 2 to 24 months. Customers will now be able to use TendoPay on any store that is built using Shopify.
Kacper Marcinkowski, CEO of e-payment company TendoPay, shares that before now, in the Philippines, Shopify store owners have not been able to sell their goods on installments.
“By offering installments to Shopify merchants, they may be able yield higher sales due to the availability of financing. This should also help convert “window shoppers” into actual sales.” said Marcinkowski.
Upon checkout at any Shopify store, TendoPay users will simply select TendoPay as their payment method and decide how many months they choose to split their purchase on. For the stores, once a user makes their payment through TendoPay, immediate payment is sent to the seller or merchant. This method is highly beneficial and reassuring compared to credit card processors that make payments weekly, sometimes even longer.
The use of cashless payment methods has accelerated as more merchants explore e-commerce platforms to boost their sales and gain a wider reach of customers. And with the different digital payments available, customers in the Philippines can now pay on installments for their purchases thanks to TendoPay.
TendoPay is one of the fastest growing Fintech companies in the Philippines. On a consumer-centric approach, TendoPay offers installment payment options for online retailers via a virtual credit card. TendoPay has been operational for over 2 years in the Philippines and has more than 60 retailers signed on including Lazada, Zalora, 7-Eleven. They offer a low interest virtual credit card as an employee benefit to companies throughout the Philippines. Their goal is to increase financial empowerment in the country and provide fair access to credit.